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April 15, 2020

Myths and Misconceptions About Investing Using Your IRA, with Kirk Chisholm

Episode 154:

Kirk Chisholm is a Principal and Wealth Manager at Innovative Advisory Group, an independent RIA (Registered Investment Advisor) located in Lexington, MA. He has been providing financial advice to individuals and families since 1999. Kirk’s influence and innovation has promoted change in many areas of the wealth management industry.

Kirk provides a different perspective on many commonly held beliefs when it comes to portfolio management, retirement investing, financial planning, inflation, economics, and other personal finance topics. His rare expertise with alternative investments held in self- directed IRAs has helped many investors invest in their passion.

Kirk is an experienced media personality. He is frequently quoted and interviewed by industry media outlets in print, audio, and video media formats. He writes frequently for industry publications and major media publications. He frequently appears as a guest on various podcasts. Kirk was acknowledged as the number seven most influential financial advisor on Investopedia’s top 100. Investment News named Kirk as one of the top 10 social media all-stars in the financial services industry.

What you’ll learn about in this episode:

  • How Kirk hosts the Money Tree Investing Podcast, the longest-running investment-focused podcast in existence
  • Kirk explains the key point that all IRAs are self-directed, and why it is important to find an IRA custodian who specializes in real estate
  • Why people are often confused by or have misconceptions about how IRAs work, and why the fact that you can use IRA funds to invest in almost anything is a well-kept secret
  • Why you need to investigate an IRA custodian and their fee structures and truly understand their offerings before you invest
  • Why you should be dealing directly with an IRA custodian rather than taking the risk of going through an intermediary party, and how an administrator differs from a custodian
  • Who should and shouldn’t be using their IRA for their investments, and why setting your investments up correctly is vital
  • How Utah Senator and former Presidential candidate Mitt Romney amassed more than $100 million in his IRA
  • Why people often misunderstand the advantages of renting versus owning real estate, and why the numbers don’t support owning always being better financially
  • Why you should always be doing your own research and investing in the types of markets you understand and are an expert in
  • What key lessons Kirk has learned over the course of his investing career, and why mindset and understanding your strengths and weaknesses is important

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